OEC 0.00% 33.5¢ orbital corporation limited

OEC-Announcement "Job Cuts"

  1. 259 Posts.
    Does this announcement really justify the price rise over the last few days?? Or do we think there is more. I thought there may have been more.

    Cost Initiatives & Restructure

    Document date: Tue 21 May 2002 Published: Tue 21 May 2002 19:34:12
    Document No: 216566 Document part: A
    Market Flag: Y
    Classification: Other
    ORBITAL ENGINE CORPORATION LIMITED 2002-05-21 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Orbital Engine Corporation Limited today announced that it is
    currently consulting with employees in relation to a major
    restructuring which would see further staff reduction measures, as
    had been foreshadowed in previous public announcements.

    The restructuring is designed to achieve efficiencies for the Company
    and is expected to incur a one-off cost of not more than $2.5m. The
    reduction in staff costs, together with other cost saving
    initiatives, is expected to achieve annual savings of about $4m.

    The one-off cost was not included in the Company's previously
    forecast second half loss of between $5m and $7m, excluding licence
    fees. The Company confirms that the underlying trading position has
    not changed.

    At the conclusion of the consultation process, expected within the
    week, the Company will provide full details of the restructure.

    Orbital is a leading international developer of engine technologies
    using direct in-cylinder fuel injection and lean-burn systems for
    enhanced fuel economy and lower emissions. The company serves the
    worldwide automotive, marine, recreational and motorcycle markets.
    Headquartered in Perth, Western Australia, Orbital stock is traded on
    the Australian Stock Exchange (OEC), the New York Stock Exchange (OE)
    as well as the Berlin (ORE) and Frankfurt (OREA) Exchanges.

    CONTACTS:
    Email [email protected] Website www.orbeng.com.au
    Australia: Peter Cook United States: Ms Roberta Saling
    Tel: +61 8 9441 2311 Tel: +1 517 423 6623
 
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